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Djo’s ‘End of Beginning’ Rises to No. 1 on Hot Alternative Songs Chart

Djo’s “End of Beginning” reaches top of Billboard’s Hot Alternative Songs chart dated March 30, rising from No. 2 to No. 1 in its sixth week on the list. “End of Beginning” drew 18.5 million official U.S. streams (up 11%) and 3.1 million radio audience impressions (up 69%) and sold 2,000 downloads (up 46%) March […]

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Hipgnosis Songs Fund Overstated Revenue, Earnings & Its Stakes in Music Catalogs, Says New Report

Hipgnosis Songs Fund, the troubled publicly traded music royalty company that owns full or partial rights to song catalogs from the Red Hot Chili Peppers, Shakira, Justin Bieber and Neil Young, issued a damning report Thursday (March 28) compiled by a third party that details missteps the fund and its investment advisor made leading to a 26% portfolio downgrade earlier this month. The London-listed fund, which became the poster child for music as an investable asset class, cut the value of its portfolio earlier this month and told investors not to expect the resumption of dividends “for the foreseeable future” while the company focuses on paying down debts. Trending on Billboard Compiled by the board’s lead independent adviser, Shot Tower Capital, the report found that Hipgnosis Song Management, run by Hipgnosis founder and music manager Merck Mercuriadis, materially overstated the fund’s revenue and earnings before interest, taxes, depreciation and amortization (EBITDA) and supported catalog acquisitions with financial analysis that failed to meet “music industry standards.” Hipgnosis Songs Fund itself overstated the scope of its music assets — the kinds of royalties and administration rights it owned and its share of those rights — in disclosures to investors and regulators. And in a pitch last September to investors to sell some 29 catalogs to a sister Hipgnosis company, the fund included a better-than-could-be-expected post-deal valuation, the report found. In a statement announcing the report, the fund’s board said it is exploring “all options for the future of the company,” and that it will release its strategic review and proposals by April 26. Hipgnosis Song Management said it was still reviewing the report, which it received late yesterday. “However, there are aspects of the report that HSM strongly disagrees with and considers to be factually inaccurate and misleading,” the company stated. “Throughout the life of the company, HSM has worked constructively, and in good faith, with the company’s board and other advisers to deliver the best outcome for the company’s shareholders,” the company continued. “Each adviser was recruited by the company’s board to advise on their specific area of expertise and with clear areas of responsibility.” Investors found heart in the report; at the close of London markets on Thursday, Hipgnosis Songs Fund was trading at 0.69 pounds ($0.87), up 8.3% on the day and 30.43% above its 52-week low of 0.53 pounds ($0.69) set on March 4. Here are some of the most revealing findings from Shot Tower’s report: “The Fund overpa(id) for the majority of the catalogs it acquired.” Hipgnosis Songs Fund, at the investment adviser’s direction, famously paid top-dollar for music assets — more than $2.2 billion overall. Today, those assets are worth $1.948 billion, with 67 of 105 acquisition deals currently worth less than their purchase price. The investment advisor’s “diligence and underwriting standards” are the reason why. Hipgnosis Song Management predicted aggressive growth, but three-quarters of its catalogs missed those expectations “by an average of 23% annually” and the overall annual royalties the fund earned from catalogs has fallen to $121.6 million from $134.2 million. “Passive catalogs grew significantly better than catalogs managed by the Investment Advisor.“ A significant portion of the rights the fund had in its portfolio included passive rights. However, Mercuriadis and Hipgnosis Songs Fund’s board frequently touted that their industry expertise would be a valuable tool to make these rights outperform passive catalogs. “The fund’s public reports contain disclosures that imply greater ownership control over songs… than would have been the case.” Multiple reports from the fund presented that it had 100% “interest ownership” in acquired catalogs, which suggests ownership and control. “In fact, a material number of catalogs represent only a fractional, non-controlling income stream in the compositions without any copyright ownership,” the report reads. Despite promoting itself as a caretaker of artists’ and songwriters’ works, Mercuriadis’ investment advisory group “failed to invest in systems and provide the services required to effectively manage a catalog of 40,000+ songs generating +120 million of royalty income annually.” Hipgnosis Songs Management has not tracked or managed the catalog at the song level, and its legal bookkeeping included numerous oversights and missing files that could present complications to the collection of royalties. The report found “multiple areas where fund expenses appear unrelated to the fund and/or are excessive.” These costly items included $1.5 to $2 million spent annually for awards shows and public relations, “including significant payments to multiple music industry periodicals”; $1.2 million in fees in 2023 from deals the fund ended up not doing; and $5.7 million in fees related to the abandoned deal to sell catalogs to its sister fund, Hipgnosis Songs Capital.

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Tyla Explains Dropping Out of Coachella: ‘It’s the Right Decision’

Just a couple weeks before Tyla‘s hard work culminated in the release of her self-titled debut studio album, the 22-year-old artist announced that she’d hit a roadblock: an undisclosed, worsening injury that would force her to pull out of all of her upcoming live shows, including a career milestone set at this year’s Coachella. In her Billboard cover story published Thursday (March 28), the “Water” singer opened up to Billboard about making the final call to cancel her performance at the April music festival. “It’s difficult because I want to go,” she said. “It’s the moment that I’ve been waiting for.” “It’s not an easy decision, but it’s the right decision,” added the South African star. Trending on Billboard Tyla first announced that she was not only departing from the Coachella lineup, but also canceling her North American tour dates and rescheduling her shows in Europe, in an Instagram post earlier this month. The 30-plus-date trek had been slated to kick off March 21 in Oslo. “As much as this is something I would rather have dealt with privately, it’s important that I share what I have to share with you today,” she wrote at the time. “For the past year I’ve been silently suffering with an injury that has tragically worsened. I’ve seen doctors and specialists with high hopes but the pain has only become more agonizing as has the severity of the situation.” “I am absolutely heartbroken to have to say this but as of right now I won’t be able to proceed with the tour,” she continued. “In consulting with medical professionals it’s become increasingly clear that continuing any festival or tour dates would jeopardize my long-term health and safety.” Just two weeks later, she dropped Tyla, featuring collaborations with Tems, Gunna, Becky G, Travis Scott and more. The set includes her viral hit “Water” — which reached the top 10 of the Billboard Hot 100 and No. 1 on Billboard’s U.S. Afrobeats Songs, Rhythmic Airplay and Mainstream R&B/Hip-Hop Airplay charts — as well as 12 other tracks. “I’m really confident in what I’ve created,” she told Billboard of her debut. “Now’s a time where I can showcase a performance style where I’m not really dancing as much. Maybe I strip back a little bit more and I’m just serving vocals. But there’s no way to stop me. I’m always going to find a way.” Read Tyla’s Billboard cover story here.

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Cardi B Turns Heads With Sleek Cut-Out Gown at THR & Instagram’s Power Stylists Event

Cardi B put her characteristically sultry twist on a classic black gown at The Hollywood Reporter and Instagram’s Power Stylists dinner at Sunset Tower in Los Angeles on Wednesday night (March 27), celebrating the year’s 25 best celebrity stylists. Explore Explore See latest videos, charts and news See latest videos, charts and news Joining her stylist Kollin Carter — whom she’s been working with since 2017 — at the event, the “Enough (Miami)” rapper was photographed wearing a sleek black midi-dress with a high slit, complete with an off-the-shoulder neckline and cut-outs and straps along the bodice. The look was completed with a classic updo, sheer tights, black heels, silver accessories and a sparkling clutch. “There are so many obstacles against us,” Cardi told THR of her struggles within the fashion industry. “For example, this body is not meant for a size 2.… It was not easy, but we make it look easy. Our door was closed many times, but we’re here because we do it well.” Trending on Billboard Carter added, “We’ve given look after look, year after year, we’ve reached into archives that are impossible to reach into. We caused a cultural shift. I don’t think there were many women like Cardi who existed in the fashion space. Now there are a ton of other rap females who aspire to be in that space because they see what’s possible. We set trends.”  Andrew Mukamal, Brad Goreski, Danyul Brown, Dara, Enrique Melendez, Erica Cloud, Erin Walsh, Jamie Mizrahi, Jessica Paster, Samantha McMillen, Shiona Turini, Warren Alfie Baker and Wayman & Micah were all also in attendance at the event as spotlight stylists. The celebrity attendees at the intimate dinner included Aja Naomi King, Awkwafina, Cardi B, Demi Moore, Glen Powell, Hunter Schafer, Lisa Rinna and more.

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Selena Gomez’s Rare Beauty Soft Pinch Powder Blush Is Now Available at Sephora: Shop the Collection

All products and services featured are independently chosen by editors. However, Billboard may receive a commission on orders placed through its retail links, and the retailer may receive certain auditable data for accounting purposes. Rare Beauty’s Soft Pinch Luminous Powder Blush is now available at Sephora, Selena Gomez announced on Instagram on Thursday (March 28). […]

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Jumbo Returns to U.S. Stage After 10-Year Hiatus: ‘It’s a Great Reason to Celebrate’

After a decade-long absence, Jumbo, a cornerstone of Latin alternative rock, are making their return to the U.S. stage, joining forces with genre peers División Minúscula. Their much-anticipated comeback follows years of setbacks due to a “critical error” that led to visa complications, preventing them from touring stateside despite the release of three albums brimming with tour-worthy material. Explore Explore See latest videos, charts and news See latest videos, charts and news Now, armed with renewed vigor and passion, the Mexican rock band — consisting of frontman Clemente Castillo, guitarist Jorge “Flip” Tamez, bassist Carlos Castro, drummer Alberto Ramos, and producer Iñigo Rizo — are ready to captivate audiences once again as they crisscross the United States, hitting major cities from coast to coast. Promoted by Live Nation, the tour kicks off in Chicago on April 17, followed by a show in New York City the next day. The tour route includes stops in Salt Lake City, San Francisco, Los Angeles, Dallas, and culminates in Houston, Texas on August 14. Celebrating 25 years since the release of their debut album, Restaurant, in 1999, Jumbo’s significance extends beyond mere longevity. This album not only marked a milestone in the band’s career but also played a pivotal role in shaping the Mexican music scene of its time, particularly the musical boom known as La Avanzada Regia scene of that era in Monterrey. Trending on Billboard “The grand merit of that generation was to be able to break [barriers] and show that in a city where there was no music scene suddenly thundered and became so big,” Flip (real name Jorge Tamez Chapa) tells Billboard Español. “Plastilina Mosh was nothing like Zurdok, which was nothing like La Flor de Lingo, or Niña, or Kinky. Unconsciously we valued being original, and I think that created a very rich movement. Thirty years later it is beginning to be romanticized a lot. I feel very proud to be from that generation”. Jumbo. Photo Credit: Juan Rodrigo Llaguno Juan Rodrigo Llaguno “División Minúscula and Jumbo are two bands with different backgrounds but equally important in the alternative rock genre. They belong to an era that defined many fans on both sides of the border,” adds Manuel Moran, vp of Latin touring at Live Nation. “We are proud to be part of this great celebration and we are very grateful for the trust they have placed in us to surprise their fans in the United States with a comeback tour and an unexpected collaboration like this one.” Jumbo’s latest release, Manual De Viaje A Un Lugar Lejano (En Directo), earned them a Latin Grammy nomination for best pop/rock album in 2019, further solidifying their status as stalwarts of the Latin alternative rock scene. In this interview, Flip delves into the band’s journey, from the highs of success to the challenges they’ve faced along the way, shedding light on their experiences and aspirations for the future. And yes, he explains why they could not enter the U.S. for over a decade. What does it mean for you to take the stage again in the United States, and how did the opportunity to collaborate with División Minúscula for this tour come up? We are very happy to tour the United States and celebrate 25 years of our career. We had an issue, a very serious mistake we made that kept us away from the United States for more than ten years. During the first albums Restaurant (1999), D.D. y Ponle Play (2001), and Teleparque (2003), we had great tours over there. We were building a market early in our career. Saúl Hernández from Jaguares invited us to be openers along with Julieta Venegas and La Gusana Ciega. I remember they were incredible tours, and suddenly there’s this break. Many years went by — and fortunately we managed to overcome this — and now we have the opportunity to share the stage with División Minúscula. Although they are from Matamoros, most of them have been living here in Monterrey for many years. They are very good friends. It’s the first time we do a tour as such and we are very happy; I think it’s going to be very fun. Jumbo. Photo Credit: Juan Rodrigo Llaguno Juan Rodrigo Llaguno As you celebrate these 25 years, what do you consider has been the key to staying together as a band? It’s very difficult. The other day I read a report by Sting that said, “I don’t think any grown man can be in a band.” He said it had to do with this youth gang dynamic that gets a little lost as you get older. And you notice that the relationship does change — you change as a person, you are no longer that youth [from before] — but I think we are still united by the desire to make music. Jumbo is a band that from day one, we set out to make songs that would go beyond the barrier of time. We were never very attached to any fashion — although when we came out, we sounded like what was going on in the early 2000s. In our journey, we have seen many things come and go. We’ve had to change formats, first digital, then streaming. Many things have happened to us that I think the love of making music has brought us back into alignment. Fortunately, we have never fought or disrespected each other, but we have an admiration for each of the members. And although at times we do have different artistic goals and visions, it always ends up falling in the same place. Many of us in the band are producers of other projects, we have other activities, but all related to music. As long as there are people who lend us their ears, there is no reason to stop. The 25 years was a number that hit us like a motherf–ker. It’s a great reason to celebrate. Being one of the pioneers of La Avanzada Regia movement in Monterrey, how do you see the impact of this movement on today’s music, and what do you think has been your most significant contribution to this legacy? I always say that I’m very proud to be from that generation. I grew up playing in many bands, and it didn’t cross my mind to dedicate myself professionally to this, or to be signed by a record label or go on tour. And suddenly the scene was big enough, the Monterrey scene. There were like 10 to 15 bands playing in four or five places, and the rest was the audience. This is before the internet — I mean, we took our flyers to the show and handed them out to perform the following week. La Avanzada, we were very united as bands; there was the same hunger to go out and dream, to take this to the next level. Monterrey, being the industrial capital of the country, had a very rigid scheme of opportunities. You had to study, work in one of the big companies, and make your life. It was very difficult to dream of a profession outside those schemes. The great merit of that generation was to be able to break [barriers] and demonstrate that in a city where there was no professional music scene it could become so big, and in a few years permeate the Latin market so strongly. [embedded content] When Control Machete came out, it a huge boom that the rest of Latin America turned to see what was happening in Monterrey. They were looking for a hip-hop movement, but they found something very different. Plastilina Mosh was nothing like Zurdok, which was nothing like La Flor de Lingo, or Niña, or Kinky. Unconsciously we valued very much being original, not looking like anybody else and I think that created a very rich movement. Thirty years later this scene is beginning to be romanticized a lot. What’s next after the tour? Any final thoughts? One goal that we had for many years was to get back to the United States in some way. I think the next thing after this tour is to get into the studio. There are no concrete plans yet. I’ll tell you the anecdote so that there is no mystery; I think it’s something that new [foreign] bands learn from. We made the very serious mistake of going to a show with a tourist visa. The work visa has a shorter amount of time. It happens to [foreign] bands that the work visa has a short period of time. Suddenly there is an isolated show, and even though we had an arrangement with the promoter that could be for promotion, we got too close to the line and fell into a problem. So, it doesn’t matter if you’re going to play a free show, it doesn’t matter if you’re going to tour very casually. Playing in the U.S. is work, and that cost us to stay away for many years. If it’s any moral for bands, don’t make that mistake. We learned the hard way and fortunately we are back. We are really excited. We had a hard time having three albums and not being able to tour there. So we bring all that accumulated energy and we are sure you will notice it in the shows. Check out Jumbo and División Minúscula’s full tour dates below, second slide:

FEATURED

TOP 10 RAP CHART

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    Water

    Tyla

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    Looking For The Hoes

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    Gunna

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    Yung Nudy

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    SkeeYee

    Sexyy Red

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